It's important to know your asset allocation for various purposes. The trouble is, I'm not sure what counts. If the point of having a particular asset allocation is to dampen volatility and increase diversification, then lots of asset classes *should* count beyond merely investable assets.
An example of how this can make a huge difference: I have assets (and "assets") in several categories. Specifically,
my equities
my bonds and cash
my paid-off home
my SS (eventually)
So my asset allocation is either:
80/20 (considering only the "investable assets")
70/30 (considering investable assets plus a pretty conservative lump-sum estimate of social security)
66/24 (considering investiable assets plus home equity)
60/40 (considering all four asset classes)
I know that Bogle has said that social security should count as a "bond" for these purposes. Plenty of people on this site point out, when someone claims they are "100% equities," that if they have a paid off home they are not, in fact, 100% equities.
I understand that one cannot rebalance ones home or social security. But presuming that one has enough bonds (and equities) that rebalancing across the entire portfolio is still possible, isn't the "correct" answer to what my asset allocation is, 60/40?